Site icon Crypto Academy

Creator Royalties Will Continue on OpenSea

OpenSea Will Continue Enforcing Creator Royalties After Recent Backlash

Opensea, one of the biggest NFT marketplaces, recently stated that they will continue enforcing creator royalties following recent backlash.

A few days ago, OpenSea announced that creator royalties will apply to only new collections, but not to already-existing ones.

OpenSea suggested that they would consider off-chain fees and optional creator fees.

Immediately after that, NFT enthusiasts reacted negatively toward OpenSea. The community wanted more clarifications regarding OpenSea’s announcement. The newly announced feature left many unsatisfied.

After the announcement, co-founder of The Hundreds Bobby Kim announced that his upcoming NFT collection is canceled given the ambiguity caused by OpenSea’s announcement.

Moreover, the founders of Bored Ape Yacht Club (BAYC), one of the most successful NFT collections in the market, stated that OpenSea’s decision was not in the interest of the NFT community.

Shortly after, OpenSea publicly stated that they will revoke the decision. They suggested that community feedback regarding this issue was essential, and they will not consider changing the already-existing policies. 

OpenSea appreciated the backlash, stating that they were “awed by the passion” of the NFT community, both creators and collectors.

Hence, OpenSea will continue enforcing creator royalties. From now on, OpenSea will also use open-source data for some of the decision-making, such as changing creator fees.

Check out this thread to see the full announcement from OpenSea:

Exit mobile version